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Lincoln Electric Offers Lingering Tailwinds And Excellent Quality, But Less Value

Stephen Simpson profile picture
Stephen Simpson


  • Lincoln Electric's fourth quarter results were very healthy in absolute terms but a little short of expectations and guidance for FY'23 had some notes of caution.
  • General fabrication, heavy industry, and construction/infrastructure are markets to watch for possible weakness, while auto, energy, and longer-cycle mining and ag should be solid.
  • Lincoln has steadily built up its capabilities in automation and new welding technologies and I expect even more leverage from these businesses in the coming years.
  • Mid-single-digit core growth doesn't really support a substantially higher share price now and this is a name to jump on if there's a more significant pullback.

Industrial steel welder in factory. welder with protective mask welding metal and sparks


Lincoln Electric (NASDAQ:LECO) has been an exceptional industrial stock for a long time, with a long-term annualized return in the double-digits that at least earns it a seat at the table when talking about great long-term holdings

This article was written by

Stephen Simpson profile picture
Stephen Simpson is a freelance financial writer and investor. Spent close to 15 years on the Street (sell-side, buy-side, equities, bonds); now a semi-retired raccoon rancher. That last part isn't entirely true. Probably.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MSM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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